Dreamcast 2 (We can all DREAM right)

"The Box" 720. (This is a given, 360 has been exceptional this generation and has given me the best 3 years of my gaming life since the memorable 1992-1995 run i had with my beloved Sega Megadrive)

Wii 2. (I would have bought a Wii day 1, but demand was so high i had to go on a waiting list in order to get it, still paid the full R.R.P. though and i will again with the Wii 2 because Nintendo deserve it)

A next-gen console is just worth buying after the first year. Look at 360, it didn't have any worth game in it's first year, most of the games released were up ports from PS2 with higher resolution.

It happens in the early lifetime of any console, PS3,PS2,Wii, all of then.

I waited a year yo buy the Xbox and Xbox 360, so I'll wait a year after the next Xbox releases unless it has awesome games on release.

Any other console I'll get towards the end of it's life cycle.

It really depends on what the consoles have to offer. I usually wait a year to buy a console.